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Real Estate News Releases
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(EstateNewsWire.com, September 27, 2012 ) San Francisco, CA- The Federal Trade Commission has reassured Congress that it remains focused on protecting consumers’ credit reports.
The FTC’s Assistant Director of the Division of Privacy and Identity Protection, Robert Schoshinski told the House Subcommittee on Financial Institutions and Consumer Credit that his agency is educating consumers and businesses about credit reporting. He said accurate information was important in obtaining insurance, housing and jobs.
“Errors in consumer reports, however, can cause consumers to be denied credit or other benefits or pay a higher price for them,” he testified, “and may lead credit issuers to make inaccurate decisions that result in declining credit to a potentially valuable customer or issuing credit to a riskier customer than intended.”
He told legislators that the FTC, the nation’s biggest consumer protection agency, obtained consent orders this summer against two firms that were accused of violating the Fair Credit Reporting Act. HireRight Solutions Inc., which offers background checks for employers, was ordered to pay $2.6 million in civil penalties, and Spokeo Inc., a data broker, was ordered to pay $800,000.
The Fair Credit Reporting Act imposes rules on consumer reporting agencies that deal with issuing credit, insurers, employers and landlords. The FTC has brought actions to enforce the act more than 30 times over the past 10 years.
Schoshinski said his agency considers enforcing the act a top priority.
About FreeCreditReportBlog.net:
FreeCreditReportBlog.net (http://freecreditreportblog.net/free-yearly-credit-report-vs-free- credit-score) is an online resource for consumers who want to learn more about credit reporting through 3 credit scores. The site lets users compare credit reports and offers news about debt and personal finances. People wanting to know more about credit reporting can find information at FreeCreditReportBlog.net.
FreeCreditReportBlog.net
Harry Abram Fisher
4157109265
contact@FreeCreditReportBlog.net
Source: EmailWire.Com 
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